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OK folks, like alot of people, due to the economy, my income hasn't kept up with my financial obligations. Sooo, I'm unfortunately needing some advice. Which is better (if that's the correct word to use)? And what are the pro's and con's of debt management vs bankruptcy? Thank you in advance for your input. Be safe out there.
It depends on your particular financial situation; which you have not disclosed other than to say that your spendable income has not kept apace with your obligations. If the situation is not acute (viz. pending legal action, foreclosure, etc.), you may be able to retrench with some "belt-tightening" on your current expenses, and save bankruptcy relief as a last-resort remedy. Unto this last, you should consult a lawyer for specific advice and assistance; and not just any lawyer, but a certified bankruptcy specialist - and, don’t wait till the eleventh hour, do it now. (It will be late to counsel then or pray when the execution process is today!) In bankruptcy, much depends not only on what one does, but when; and timing, if not all important is essential. So take my advice, and seek the advice of a bankruptcy lawyer without delay.
The first thing is to consult a attoney to see if you quaify for bankrupsy. Just having debt alone does not qaulify you.
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